Register
You know the following information about the Miller State Bank Gross Loans$300 Miscellaneous Assets$50 Deposits$390 Total Equity$50 Common Stock Par$5 Non-Deposit Borrowings$60 Investment Securities$150
85,212 views
32 votes
32 votes
You know the following information about the Miller State Bank Gross Loans$300 Miscellaneous Assets$50 Deposits$390 Total Equity$50 Common Stock Par$5 Non-Deposit Borrowings$60 Investment Securities$150 Net Premises$40 Surplus$5 Allowance for Loan Losses$50 Deposits$390 Total Assets$500 Gross Premises $70 Given this information, what is this firm's Total Liabilities

User Swcool
by
2.3k points

1 Answer

21 votes
21 votes

Answer:

The Firm's Total Liabilities is $450

Step-by-step explanation:

Use the accounting equation to calculate the Total Liabilities

Total Assets = Total Equity + Total Liabilities

Now rearrange the accounting equation to make the required formula

Total Liabilities = Total Assets - Total Equity

Where

Total Assets = $500

Total Equity = $50

Placing values in the formula

Total Liabilities = $500 - $50

Total Liabilities = $450

User Fabis
by
3.1k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

Other Questions

If the rate of inflation in Japan dramatically increases while the rate of inflation in the United States remains constant, then a. the demand curve for dollars shifts to the left. b. the demand curve
The market value of the equity of Hudgins, Inc., is $582,000. The balance sheet shows $21,000 in cash and $192,000 in debt, while the income statement has EBIT of $93,000 and a total of $137,000 in depreciation
Kylie is risk averse and has $1,000 with which to make a financial investment. She has three options. Option A is a risk-free government bond that pays 5 percent interest each year for two years. Option
From the standpoint of the issuing company, a disadvantage of using bonds as a means of long-term financing is that Group of answer choices bond interest is deductible for tax purposes. interest must be
Elroy Rocket is entering his senior year as an accounting major and has a number of options for his summer break. His options for the 3 month break follow: (1) Work full time at a local accounting firm
Link Copied!